I wanna know if the house will be 100% mine if i purchase it or do I need an co signer for the house of an pinoy national???
2007-10-04 19:45:13 · 6 answers · asked by ramsey_belone33 2 in Travel ➔ Asia Pacific ➔ Philippines
No, you don't need a co-signer to purchase a HOUSE. The house can be in your name even if you're a foreigner. But a foreigner cannot own a piece of LAND, only Filipinos can. A corporation that is 60% owned by Filipinos is qualified to own land.
2007-10-04 23:09:47 · answer #1 · answered by Thad A 1 · 1⤊ 1⤋
Sounds like your a foreigner just like me.
1. We cannot own land here period.
2. We can only own a condo unit 100%.
3. If you want a house it has to be in the wifes name
( a Philippine citizen)..
4. Setting up a dummy corporation for the purposes of property ownership is also illegal.
5. Yes you can lease land on a 25 year renewable lease, but there is nothing to keep the owner of the land from cancelling the lease and stealing your house.
Bopos and Thad don't have a friggin clue !
That's the real truth. Now you can find shady lawyers that will promise you ways around the law, but there is no way to do it legally.
2007-10-04 22:05:49 · answer #2 · answered by oneiloilojeepney 5 · 2⤊ 0⤋
A co signer on a loan won't be listed as an proprietor on the registered deed. whilst that's the case, the co-signer acquires a contingent criminal accountability, no longer lots greater. The cosigner can stress the universal borrower to liquidate to evade the contingency of having to pay off the loan. The co-signer who pays on the inspiration of a contingent criminal accountability could have a top to get well that funds from the owner, with activity. If the co-signer is a co-proprietor besides, the placement will become lots greater complicated. It very lots relies upon on what style of possession is on the deed, no remember if there's a top of survivorship etc. that's something you could confer with a criminal expert approximately, and be beneficial to take alongside the sales contracts and deeds. If there's a top of survivorship, your mom would not be completely loose to do away with it in her will. If she isn't a co-proprietor, she won't bypass it on in her will, yet her sources can declare any funds she placed into it from you.
2016-12-17 17:40:36 · answer #3 · answered by ? 4 · 0⤊ 0⤋
Yes you need a co signer when you purchase an house here in the Phil. if you are not a filipino but if you are married to a filipina you can buy a house or a lot with a name of your wife and you in the title.
2007-10-04 19:50:04 · answer #4 · answered by lovey 2 · 1⤊ 1⤋
You do not need a co-signer who will co-own. But contracts normally have witnesses to sign te document.
2007-10-04 20:12:13 · answer #5 · answered by boyplakwatsa.com 7 · 1⤊ 2⤋
You need to be married to a Filipina lady and have a 13a visa to buy land in the Philippines..
2007-10-04 21:31:18 · answer #6 · answered by Jay & Gigi 6 · 1⤊ 0⤋